| Gas | Power |
| Market Close | Market Close |
| Near-curve gas contracts increased in price on Wednesday with direction coming from cold temperatures which have lifted demand and tightened systems. An unplanned outage at the Forties pipeline also affected gas supply, providing additional support. Meanwhile, oil prices dropped in the afternoon and this helped to weigh on some far-curve contracts later in the session. | Below-average temperatures are expected to continue until Monday which helped to support power prices yesterday as heating demand is high. Wind levels were expected to improve slightly today but this failed to have much impact on the prompt, while a downward turn in oil prices helped towards losses at the back of the curve. |
| Market Open | Market Open |
| The temporary closure of the Forties pipeline continued to cause volatility this morning but any fears of a long outage were put to rest as the issue is set to be resolved tonight. This has helped gas prices move down, while a bearish oil market continued to force far-curve contracts lower. | Power contracts have opened at a discount this morning with an improved wind outlook for the coming days weighing on the prompt. Milder temperatures are also expected next week which contributed to the losses, while weaker gas and oil weighed on the rest of the curve, despite a rise in coal prices. |
For a breakdown of the current generation mix visit our Power Generation Insights page.
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Brent Summary Brent 1st-nearby prices have recorded a strong loss following a brief rebound, Brent decreased by around 2% during yesterday’s session and currently trades $65.4/b. An outage on the Forties pipeline offered some support but prices have taken direction from a very bearish EIA report. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 45.63ppt and £45.51/MWh, respectively. Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page. |
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